New Delhi, Feb 28 India's GDP growth accelerated to 6.2 per cent in the third quarter (October-December) of 2024-25, up from a revised figure of 5.6 per cent in the second quarter of the financial year, on the back of stronger rural consumption following a good monsoon and increased government expenditure on infrastructure projects, data released by the Ministry of Statistics on Friday showed.
The GDP growth rate for the financial year 2024-25 is now estimated at 6.5 per cent while the economic growth rate for 2023-24 has been revised to a 12-year high of 8.2 per cent, according to the data released by the ministry.
The growth rate of Real GDP for Q2 of financial year 2024-25 has been revised upward to 5.6 per cent.
The construction sector is estimated to have posted a growth rate of 8.6 per cent, followed by the 'financial, real estate & professional services' sector at 7.2 per cent, and 'trade, hotels, transport, communication & services related to broadcasting' sector growing at 6.4 per cent during 2024-25.
The Private Final Consumption Expenditure (PFCE) is expected to register a good growth of 7.6 per cent during 2024-25 as compared to 5.6 per cent growth observed during 2023-24.
The figures of the first revised estimates also show that real GDP has grown by 9.2 per cent in the financial year 2023-24, which is the highest in the previous 12 years except for the financial year 2021-22, which was the post-Covid year, according to the official figures.
This growth has been contributed by double-digit growth rates in the 'manufacturing' sector at 12.3 per cent, 'construction' sector growth at 10.4 per cent and 'financial, real estate & professional services' sector growing at 10.3 per cent during the year, the ministry said.
Similarly, as per the final estimates, real GDP has posted a growth rate of 7.6 per cent in the financial year 2022-23, mainly contributed by double-digit growth rates in 'trade, hotels, transport, communication & services related to broadcasting’ sector (12.3 per cent), 'financial, real estate & professional services' sector (10.8 per cent) and 'electricity, gas, water supply & other utility services' sector (10.8 per cent), according to the official statement.
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